While purchasing property in India, the NRI does not need any special permission for buying residential or commercial properties. Make sure to check each and every document minutely related to the property, check for approved layout plan, all clearances from municipality & electricity etc. Also, you should we aware of the building bye-laws in that particular area to find out if there is any plot dispute and get the confirmation whether all the charges and taxes have been duly paid or not.
Post Pandemic, things have changed for every industry and for Real Estate as well. The Indian real estate market has recovered well and is stable for future investments. Also, unlike the stock market, it is not volatile. Demand for ready-to-move-in properties has led to a visible boost in the market. Many NRIs are considering property purchase in the home country more because of the emotional connect to stay closer to the family after the Covid-19 pandemic. This is an ideal time to invest in the real estate for substantial capital returns.
An NRI daughter can execute a release or gift deed and release her rights over the property. This can be transferred as a gift to you or any of her relatives. However, it is subject to some rules and regulations.
Yes, NRIs can avail the home loans from Indian banks and other NBFC's, however, the tenure and repayment rates may be higher.
NRIs are not permitted to purchase agricultural land or plantation property or farmhouse in India as per the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018. However, this is permissible under exceptional circumstances. The RBI may permit an NRI to invest in agricultural property, after reviewing their case.
All property transactions, where an NRI is involved, have to meet the guidelines established under the Foreign Exchange Management Act (FEMA), 1999. The Act establishes rules and procedures for all foreign exchange transactions taking place in India. The Enforcement Directorate (ED) is the agency responsible for enforcing the FEMA.
The rules that are applicable on NRIs with regard to the sale of immovable properties are a bit stringent when compared to residents of India Indians. An NRI, cannot sell agricultural land or plantation property and farmhouse to a non-resident or a person of Indian origin (PIO). However, in case of residential and commercial properties, NRIs are free to sell it anytime to a resident Indian, another NRI or a PIO.
It is simple and easy. An NRI can make requests for purchase of agricultural land/plantation property/farm house to the following
No, there are no limits on the number of residential properties that an NRI can buy however repatriation is allowed only for two such properties.
If you are investing in plantation / agricultural land /farmhouse you need a consent from the bank however, no permission is needed in case of an NRI purchasing property in India.
The Municipal authority in some of the states is the ultimate monitoring authority however for smaller states and rural areas, the town and country planning corporation act as the monitoring authority.
As per RBI, the housing loans given to NRIs is limited 85% of the total property value. Also, the applicant’s own contribution in the loan amount as well as repayment of the loan should be done via foreign remittances through normal banking channels.
With expertise and a good hold in the Indian Real Estate market, Realty Assistant ultimately help you make the best decision when dealing with real estate services.
You need to log on to www.realtyassistant.in > Select or search your desired city > Choose your preferred property from the catalogue. Click on the enquire now and fill the necessary details > You will then get a call back from our team > They will also assist you with the site visit > You will get the support from the organisation until the transaction is successful, which includes all the paperwork, home loan (if required), handle the documentation and manage the process of acquiring the property for you.
The tenure for a home loan usually varies from 3yrs to maximum of 30yrs depending on the loan amount, borrower's financial strength and bank.
You put around 15% - 25% of the loan amount as a down-payment. Almost all major banks and financial institutions will offer 75% - 85% loan on the total value of the property value.
Yes, most of the banks ask to present 1 or 2 guarantors to clear the home loan processing.
Banks and many other financial institutes can offer the facility to prepay the loan. However, there is a fee of 2%- 3% on the outstanding principal amount.
Power of Attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. It permits the owner to authorize another person to make decisions related to the owner's finances, assets or properties.
Yes, stamp duty is necessary for both transferred and gifted property. The stamp duty ranges from 7% to 12% depending on the states. Cities to States like Delhi, Haryana etc. allow a concession for 1% or 2% to the female transferors.
The maximum amount of tax benefit that can be claimed under section 80c is capped at Rs. 1,50,000 on stamp duty, registration costs for a new property or house construction. Although, you can get these benefits only on one self-owned property.
Stamp duty is paid by the home buyer/owner, who has the legal authority or holding of the property.
Stamp duty is a tax imposed on the sale of property/property ownership by the state government. It is payable to the government for the legal verification of the property.
